Good strategy combined with good strategy execution
are the most trustworthy signs of good management.
Good strategy + Good strategy execution = good management
Among all the things managers do, nothing affects a company's ultimate success or failure more fundamentally than
How well its management team charts the company's direction, develops competitively effective strategic moves and business approaches and pursues what needs to be done internally to produce good day-in/ day-out strategy execution and operating excellence.
Which one of the following is not one of the five basic tasks of the strategy-making, strategy-executing process?
1. Developing a Strategic Vision, Mission statement, and Core Values
2.Setting Objectives
3. Crafting a Strategy to achieve the objectives
4. Implementing and Executing the chosen Strategy
5. Monitoring developments, Evaluating Performance, and Initiating
Which of the following are integral parts of the managerial process of crafting and executing strategy?
Developing a strategic vision, setting objectives, and crafting a strategy
A company's strategic vision concerns
Describes the route a company intends to take in developing and strengthening its business. It lays out the company's strategic course in preparing for the future.
The distinction between a company mission statement and a strategic vision is that
Strategic Vision sets forth a company's future direction ("where we are going"). Mission Statement describes its present business scope and purpose ("who we are, what we do, and why we are here")
A company's values (or core values) concern
Are the beliefs, traits, and behavioral norms that company personnel are expected to display in conduction the company's business and pursuing its strategic vision and mission.
Which one of the following statements concerning a company's values is inaccurate?
There is seldom a very wide gap between a company's stated values and the reality of how it conducts its business
A set of "stretch" financial and strategic objectives
Is an effective tool for avoiding ho-hum results
A company needs strategic objectives
A stronger market standing and greater competitive vitality especially when accompanied by competitive advantage is what enables and empowers a company to improve its financial performance.